Hey Guys,
Question - going to become a non-resident of Canada, resident of US. Have both a term life insurance and universal life in Canada.
To my understanding, both need to be disclosed, but are not deemed disposed.?
What happens to the accrual growth in the mean time? Any double taxation issues? What has to be filed in the US in future years if kept.?
General tax planning - is it worth just getting rid of both before leaving.?
Cheers,
nabstar
Life Insurance
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